The law and economics of takeovers : an acquirer's perspective

Prelims -- Foreword -- Acknowledgements -- Table of Contents -- List of Figures and Tables -- Table of Cases -- Table of Statutes and Statutory Instruments -- Table of Rules of the Takeover Code -- Table of FSA Rules -- 1 Introduction -- I The Paradox of Corporate Aquisitions and the Need to Shift Attention to Aquirers -- II Scope and Structure of the Thesis -- 2 The Acquiring Shareholders' Internal Risks -- I Introduction -- II Agency Risk -- III Financial Risk -- IV Business Risk -- V Conclusion -- 3 Market Control -- I Introduction -- II The Functions of the Capital Market -- III The Market for Managerial Services -- IV The Market of Corporate Control -- V Conclusion Regulatory Enhancements -- 4 Legal and Regulatory Review of the Transaction -- I Fiduciary Duties -- II Shareholders Suits and Limitations of Ex Post Judicial Review -- III Due Diligence and the Duty of Care and Skill -- IV Information Provision in the Context of Takeovers, and the Aquiring Directors' Liabilites -- VI Conclusion -- 5 Shareholders' Voice andReward Strategies -- I Introduction -- II Authorisation Rights -- III Pre-emptive Rights -- IV Approval Rights and Listing Rules -- V The Role of Institutional Shareholders and Shareholders' Activism -- VI Reward Strategies, Directors' Remuneration, and Share Incentive Schemes -- VII Conclusion -- 6 Auction Risk, Part I:Introduction, Hostile Takeovers and MBOs -- I Introduction -- II Auction Costs -- III Prohibiting Auctions -- IV Bidder's Protective Mechanisms -- V Hostile Takeovers -- VI 'White Knights' and MBOs -- VII Conclusion -- 7 Auction Risk, Part II: Friendly Takeovers -- I Introduction -- II Securing the Support of the Target's Board -- III Securing the Support of Major Shareholders -- IV Conclusion -- 8 Regulatory Risk: Equality Rules and Transaction Costs -- I Introduction.